The emergence of cryptocurrency and decentralized finance is raising the stakes for secure online finance. For payments professionals and the ecommerce world, it's vital to understand the emergence of blockchain-based domains, issues around security, and how this impacts financial payment processes.
Financial institutions and processes have always had the largest targets on their backs when it comes to cybercrime. Cybercriminals target bank employees, their customers, and even their suppliers, as well as intermediaries through which funds are regularly processed back and forth.
This is why when the opportunity presented itself back in 2012 for firms to get their own domain extension, financial firms lined up. There are now domain extensions for HSBC, CITI, JP Morgan, Barclays, AMEX, VISA, and several dozen other large financial firms. We’re talking about top-level domain extensions that contain just the trademark with no .COM.
These corporate extensions promised enhanced security to combat fraud. In practice though, very little progress has been made in the last decade in adoption of these new extensions, as the pain to migrate to a new extension appears larger than the gain to stay with the legacy one.
Now, with the innovation of blockchain, financial firms and related enterprises need to determine what their brand’s presence will look like on the decentralized web. The decentralized web will be a collection of metaverses where consumers will live out their virtual lives. The compelling rationale that drove largest financial firms back in 2012 to get their own top-level domain extension still applies. But now, these domain extensions need to be compatible with the decentralized web.
Fortunately, a Web3 (aka, the decentralized web) solution exists, aiming to accommodate financial firms.
Continue reading:
https://thepaypers.com/expert-opinion/the-blockchain-brief-what-payments-industry-professionals-should-understand-about-web3-domains--1256438
Financial institutions and processes have always had the largest targets on their backs when it comes to cybercrime. Cybercriminals target bank employees, their customers, and even their suppliers, as well as intermediaries through which funds are regularly processed back and forth.
This is why when the opportunity presented itself back in 2012 for firms to get their own domain extension, financial firms lined up. There are now domain extensions for HSBC, CITI, JP Morgan, Barclays, AMEX, VISA, and several dozen other large financial firms. We’re talking about top-level domain extensions that contain just the trademark with no .COM.
These corporate extensions promised enhanced security to combat fraud. In practice though, very little progress has been made in the last decade in adoption of these new extensions, as the pain to migrate to a new extension appears larger than the gain to stay with the legacy one.
Now, with the innovation of blockchain, financial firms and related enterprises need to determine what their brand’s presence will look like on the decentralized web. The decentralized web will be a collection of metaverses where consumers will live out their virtual lives. The compelling rationale that drove largest financial firms back in 2012 to get their own top-level domain extension still applies. But now, these domain extensions need to be compatible with the decentralized web.
Fortunately, a Web3 (aka, the decentralized web) solution exists, aiming to accommodate financial firms.
Continue reading:
https://thepaypers.com/expert-opinion/the-blockchain-brief-what-payments-industry-professionals-should-understand-about-web3-domains--1256438
